NEARLY 4,000 PHCN RETIREES RECEIVE FINAL PENSION BACKLOG PAYMENTS

The Pension Transitional Arrangement Directorate has completed the payment of N18.96 billion in outstanding Back-End Computation arrears to 3,958 eligible pensioners of the defunct Power Holding Company of Nigeria under the Defined Benefit Pension Scheme.

The latest disbursement of N9.476 billion represents the remaining 50 per cent of the arrears owed to the affected pensioners. PTAD said the payment followed an earlier disbursement of N9.482 billion made in June 2026, which covered the first half of the outstanding liabilities.

With the latest payment, the directorate said the full Back-End Computation arrears owed to the 3,958 beneficiaries had now been settled. The total amount paid was put at N18,958,199,952.27, bringing the long-running payment process to completion for the eligible PHCN pensioners covered by the exercise.

PTAD described the settlement as an important step in addressing outstanding pension obligations under the Defined Benefit Scheme. The agency said the payment was part of efforts to ensure that pensioners receive their legitimate entitlements and that outstanding liabilities inherited from former public institutions are progressively addressed.

The Executive Secretary of PTAD, Tolulope Odunaiya, reaffirmed the directorate’s commitment to ensuring that every eligible pensioner receives all benefits due to them. She also said the Federal Government remained committed to improving the welfare of retirees and addressing outstanding pension liabilities affecting Nigerians who served the country.